Mitsui E&S Co Ltd MIESY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsJapan

Last close 24.76 USD on Nov 1, 2026, −39.8% year to date

Quant rating

Quant rating B Rank 87 of 418 in Industrials

Growth B 100 of 418
Valuation C 215 of 418
Quality A 41 of 418
Revisions B 136 of 418
Momentum C 240 of 418

Wall Street consensus Buy (1.75)Average target 46.26 USD +86.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.3B
Enterprise value: 2.6B
52-week range: 24.05 – 53.52
3-year range: 2.79 – 53.52
Dividend yield: 1.43%
Beta (5 years): –
Shares outstanding: 103M
Next earnings: Nov 10, 2026

About the company

Mitsui E&S Co Ltd, formerly Mitsui E&S Holdings Co Ltd, is primarily engaged in ship, marine development, machinery, and engineering businesses. The Company operates its business through four segments. The Ship segment provides ships, naval vessels, high-speed passenger ships, offshore structures, underwater equipment, design engineering services, ship-related equipment and machinery, and steel structures. The Marine Development segment provides floating offshore oil and gas production, storage, and offloading facilities. The Machinery segment provides marine and land-use diesel engines, marine equipment, gas engines, steam turbines, blowers, compressors, gas turbines, among others. The Engineering segment provides power generation projects and general overseas civil engineering and construction work. The Company also engages in land-based diesel power plant business, information and communication equipment business, system development business, gas-related engineering, among others.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,225	2,101	1,995	1,975	4,762	–
Revenue growth	5.9%	5.3%	1.0%	−58.5%	−18.2%	−17.5%
EPS (basic, normalized)	2.41	2.61	1.63	1.30	−2.09	–
EPS growth	−7.9%	59.8%	25.4%	–	–	–
Gross margin	19.7%	16.4%	15.6%	14.1%	5.0%	14.1%
Net margin	10.9%	12.3%	8.1%	5.7%	−3.8%	6.7%
ROE	19.3%	25.1%	20.2%	19.0%	−35.9%	9.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	235
Current ratio	1.32x
Long-term debt (mil)	230
Net debt (mil)	289
Total equity (mil)	1,378
Net debt / equity	0.21x
Net debt / EBITDA	0.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,225	+5.9%	1.1x	296	–	8.6x	2.41	−7.9%	10.3x
2027	2,412	+8.4%	1.1x	308	+4.1%	8.3x	2.28	−5.3%	10.9x
2028	2,547	+5.6%	1.0x	350	+13.7%	7.3x	2.41	+5.6%	10.3x
2029	2,632	+3.3%	1.0x	407	+16.3%	6.3x	2.83	+17.7%	8.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,412	0.0%	+1.0%	−1.2%	2.28	0.0%	+2.3%	+3.9%
2028	2,547	0.0%	+0.7%	+0.6%	2.41	0.0%	−0.6%	−0.6%
2029	2,632	0.0%	+1.6%	+8.5%	2.83	0.0%	−1.5%	+20.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	86,514	70,062	74,979	73,705	96,366	81,151	84,397	87,635	100,013	91,712
Sales mean (mil)	–	65,600	77,000	–	81,254	75,500	81,349	84,294	100,462	88,262
Surprise	–	+6.8%	−2.6%	–	+18.6%	+7.5%	+3.7%	+4.0%	−0.4%	+3.9%
EPS reported	131.04	283.69	34.41	28.83	38.47	71.50	102.26	77.82	129.56	80.86
EPS mean	–	–	–	–	–	–	–	71.45	64.50	75.05
Surprise	–	–	–	–	–	–	–	+8.9%	+100.9%	+7.7%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MIESY Mitsui E&S Co Ltd	2.3B	0.98x	10.9%	1.56x	10.9x	10.3x	8.3x	7.3x
TRN Trinity Industries Inc	2.3B	5.35x	12.1%	2.06x	12.6x	13.0x	9.3x	9.3x
KMT Kennametal Inc.	2.2B	1.06x	14.5%	1.41x	5.9x	12.5x	4.1x	6.6x
OERLY OC Oerlikon Corporation AG, Pfaeffikon	2.2B	–	−3.6%	1.47x	26.8x	39.0x	8.3x	7.7x
HLIO Helios Technologies Inc	2.2B	1.64x	5.8%	2.30x	21.5x	19.3x	13.3x	12.2x
NFI NFI Group Inc.	2.1B	3.43x	−3.9%	3.35x	16.2x	12.2x	7.8x	7.2x
Mean		2.49x	6.0%	2.03x	15.6x	17.7x	8.5x	8.4x
Median		1.64x	8.3%	1.81x	14.4x	12.7x	8.3x	7.5x

Technical analysis

1M+3.0%
3M−7.1%
1Y−27.2%
3Y+587.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mitsui E&S Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,225	2,101	1,995	1,975	4,762	5,824
Cost of revenue	1,788	1,758	1,683	1,697	4,526	5,545
Gross profit	438	344	312	278	236	279
Selling, general & administrative expenses	200	190	182	207	319	389
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	23.3	−81.0	8.9	−20.7	−54.6	26.8
Other operating expenses	0	0	0	0	0	0
Operating income	214	235	121	91.3	−27.9	−137
Net interest income (expense)	55.1	33.8	32.5	51.4	−101	68.3
Gain (loss) on sale of assets	−7.2	−1.2	0.3	0.1	16.2	−3.5
Other non-operating income (expense)	−9.4	−3.0	−25.4	−22.4	−28.7	−14.7
Net income before taxes	252	265	128	120	−142	−87.3
Provision for taxes	7.3	3.7	−39.1	2.7	64.7	−13.0
Minority interest	−2.7	−0.6	−1.8	−0.5	27.1	75.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	242	261	166	117	−179	1.2
Extraordinary items	–	–	–	–	–	–
Net income	242	261	166	117	−179	1.2
EBIT, normalized	237	154	130	70.6	−82.4	−111
EBITDA, normalized	295	212	185	130	13.7	14.5
Basic EPS, normalized	2.41	2.61	1.63	1.30	−2.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mitsui E&S Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	359	236	235	345	425	1,243
Receivables	597	713	631	614	644	2,116
Total inventory	491	466	448	445	382	591
Prepaid expenses	–	–	–	–	–	–
Other current assets	104	183	162	198	207	314
Total current assets	1,552	1,598	1,475	1,601	1,659	4,264
Property, plant & equipment	682	775	767	872	973	1,185
Goodwill	39.0	43.2	49.8	57.4	65.7	87.0
Intangibles	47.9	51.1	53.4	59.3	66.1	161
Long-term investments	446	270	561	592	449	551
Note receivable	10.7	11.4	14.0	16.0	17.5	361
Other long-term assets	339	248	167	116	133	248
Total assets	3,116	2,996	3,087	3,313	3,363	6,857
Liabilities
Accounts payable	325	394	428	414	400	1,944
Payable/accrued	–	–	–	–	–	–
Accrued expenses	53.5	41.2	34.4	327	36.8	45.1
Short-term debt	309	319	990	868	778	640
Current portion of long-term debt	52.2	54.8	23.0	122	205	350
Other current liabilities	504	530	378	431	952	2,073
Total current liabilities	1,243	1,339	1,853	2,161	2,371	5,052
Long-term debt	260	328	115	143	256	591
Minority interest	29.7	28.7	29.2	31.2	47.1	218
Other liabilities	140	167	151	176	218	415
Total liabilities	1,673	1,863	2,148	2,511	2,893	6,276
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	55.7	59.0	28.7	0	365	401
Additional paid-in capital	17.6	18.6	48.3	40.5	149	166
Retained earnings (accumulated deficit)	902	697	444	319	−273	−102
Treasury stock	−28.8	−30.6	−30.6	−34.9	−38.3	−42.4
Other equity	497	388	449	477	267	158
Total equity	1,444	1,133	939	802	470	581
Total liabilities & shareholders' equity	3,116	2,996	3,087	3,313	3,363	6,857

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mitsui E&S Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	252	265	128	120	−142	−87.3
Depreciation, depletion & amortization	58.0	57.5	55.5	59.8	96.1	125
Deferred taxes	–	–	–	–	–	–
Non-cash items	−40.2	−120	−84.7	−388	−1.1	−339
Changes in working capital	−91.3	−103	−327	94.1	−119	369
Cash from operations	179	99.0	−228	−113	−166	67.5
Investing activities
Capital expenditures	−57.3	−64.2	−47.6	−55.7	−73.8	−115
Other investing cash flows	73.4	470	45.3	33.1	−509	306
Cash from investing	16.1	406	−2.3	−22.6	−583	191
Financing activities
Financing cash flow items	−0.2	−0.1	−0.2	5.1	2.2	−5.3
Cash dividends paid	−22.1	−8.0	−5.2	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−43.4	−503	165	66.5	4.5	−56.2
Cash from financing	−65.6	−511	159	71.7	6.6	−61.5
Foreign exchange effects	4.4	4.5	4.8	8.9	46.5	−27.0
Net change in cash	134	−0.9	−65.8	−55.4	−696	170
Free cash flow	121	34.8	−275	−169	−240	−47.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.